Fuel demands peaks up by 10.9% in August
The sales of gasoline or petrol were at 2.69 million tonnes, which is 13% higher than that in 2020.
In August the fuel demand in India has peaked up by 10.9% in comparison to August 2020. The data from the Petroleum and Analysis Cell (PPAC) of the oil ministry has shown that the fuel consumption has totalled 16 million tonnes. The fuel consumption represents oil demand in India.
The sales of gasoline or petrol were at 2.69 million tonnes, which is 13% higher than that in 2020. On the other hand, the sales of cooking gas also witness an increase. The LPG sales increased by 2.4% to 2.33 million tonnes. The naptha sales declined by 5.1% to 1.022 tonnes. The sale of fuel oil increased by 8% in August while bitumen which is used in making roads increased by 3.1%.
Earlier in August, Moody’s Investors Service had stated that earnings for state-owned oil firms IOC, BPCL and HPCL will grow over the next 12-18 months. They had attributed the rebound in economic activity and fuel demand to the easing of lockdown restrictions.